Ordinarily, talk about higher taxes is not very cheery. But U.S. stock and bond investors last week seemed to brighten up just when word got out that the Johnson Administration was seriously considering tax increases as an adjunct to tight money in the fight against inflation. Both stock and bond prices improved, but then at week's end, the stock market lost about a third of the week's gains, partly because the impression grew that Washington might not act swiftly.
For the eleventh consecutive week, the New York Stock Exchange opened with a Monday tinted blue: the Dow-Jones industrial average...
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